If you have been in business in New Zealand at any point over the last 3 years, you’re probably wondering when you’re finally going to catch a break. Our economy has seen covid lockdowns, restricted trading, ballooning house prices, skyrocketing inflation, rising interest rates, rising employment costs and a labour shortage just to name a few! Predictions aren’t looking much better for the year ahead and we know this is having an impact on our business community.
We’ve identified the current four main groups of people we are seeing:
1. Those working furiously and unrelentingly but going nowhere.
2. Those that aren’t sure where they’re going and maybe going backwards.
3. Those that are dead in the water or so paralysed with indecision they are going nowhere.
4. Those that are continuing to make real progress towards their goal
Ko tēhea koe? Which one are you?
If you find yourself in anything but group 4, we have some tips:
1.Get clarity – what is your core business, what drives you, what are your goals, who are your key customers, what resources do you have at your disposal? Clarity is essential to making good decisions, when there is no wiggle room for bad decisions this is key.
2.Get lean. Extra stock, extra staff, timewaster clients and unused assets are all a bad investment in a recession. Free up your cash by spending it wisely.
3. Get smart. This means, not only updating your personal business knowledge but also ensuring that you know what tools you have at your disposal to monitor, increase and drive your business performance.
4. Plan out your next 3 moves. That’s it. You don’t need to clearly see the trail to success lit up in front of you, you just need to decide on the next 3 things that you’ll do and do them. Big picture thinking is great but without a realistic first step, you’ll go nowhere.
5. Get support. Get a good team around you that is prepared to help you achieve your goals, this can be friends, employees, other business owners, advisors or mentors. A good support network can provide different perspectives and insights as well as helping you with the emotional burden that comes with operating a business, they are also a great source to bounce ideas off and can help provide realism and keep you on track. We are all in the same waka (boat) so you don’t have to feel like you’re going it alone.
6.Get more support. These are tough times and that means that it can have an effect on your mental health and emotional wellbeing too. Xero offers a free, confidential counselling service to subscribers and their employees and family. To find out more go to: https://www.xero.com/nz/xero-assistance-programme/
If any of the above resonates with you but you aren’t sure where or how to start Antz, Charmaine and Sari are all here to provide you with the advice and support you need to thrive through the tough times and achieve your goals – give us a call today!
Antz – 021 746 733 or antz@fairground.co.nz
Charmaine – 021 129 9322 or charmaine@fairground.co.nz
Sari – 022 391 5817 or sari@fairground.co.nz